Gold approaches $ 1,855
- Gold bulls face monthly and weekly resistance.
- $ 1,850 is up for grabs for sessions to come in the next few days.
According to the previous week’s analysis, Chart of the week: Gold price hits a resistance wall, the price of gold has effectively melted away from a resistance wall before trying to move higher.
Prior analysis, weekly and daily charts
“The weekly chart shows that the pulse made a -272% Fibonacci retracement of the previous bullish pulse as it gains resistance.”
“ Meanwhile, there is room for a deeper retracement on the daily chart to test Fibo at 38.2% of the previous daily pulse … ”
Live market analysis
The following is a live top-down market analysis that illustrates the prospect of a daily bullish continuation for the next few days.
While there are odds of a continuation lower on the monthly chart, there is room to go higher before a more comprehensive test of the 61.8% Fibonacci level.
The price is strongly bullish on the weekly chart, but again there is the prospect of a downward correction, but with room for maneuver upward to test resistance more deeply.
From a daily standpoint, the bulls are taking previous highs and closed Friday’s session with a strong offer.
A run in the psychological $ 1,850 is on the charts with a -272% Fibo retracement of the previous correction at $ 1,855.